Celsius Partners With Coinbase to Return Customers Assets: SEC Disagrees
Celsius partners with Coinbase to return assets, but the SEC raises concerns over the deal's nature.
After Celsius approved a plan to give back up to 67% of its assets to customers, they decided to partner with Coinbase. Coinbase, a well-known public company, was chosen to help distribute the assets smoothly.
But this partnership worried the SEC, a US regulator. They think Coinbase is acting more like a broker than just a helper. This is a problem because Coinbase is already in a legal fight with the SEC over a similar issue.
The SEC warned the court handling Celsius’ bankruptcy to rethink this partnership. They said some terms in the deal between Celsius and Coinbase were unclear. They also mentioned another secret deal between the two companies.
Coinbase doesn’t agree with the SEC. Their top lawyer responded saying they just want to help Celsius’ customers. It's unclear if the court will listen to the SEC’s warning, especially since the SEC has faced challenges in court before.
